If ever we could say banking institutions are mad as hell and not going to take it anymore ...
In the wake of the Target, Neiman Marcus and other retail breaches, banking/security leaders clearly feel abused and frustrated - and they want to see changes in how merchants conduct and process secure payments. This is the key theme of the 2014 Faces of Fraud Survey, subtitled The Impact of Retail Breaches.
Some key findings about retail breaches and their deep impact:
Which Retail Breaches Impacted Your Organization or Customers?
- The direct impacts reported by respondents include:
- 60% reissued payment cards
- 50% lost time/resources to response
- 43% saw fraud incidents result from these breaches
- 48% believe the breached merchants ultimately should be held responsible for the compromises, while 28% say it's a shared blame because of the flawed payments system.
Download this report to learn more about:
- Impact of Retail Breaches - How have institutions been struck by Target, other major retail breaches? How will they respond?
- 2014 Faces of Fraud - What are the primary types of fraud against banking institutions, and where are the biggest security gaps?
- Deeper Dive - How have specific forms such as account takeover and insider fraud advanced in the past year?
- 2015 Fraud Agenda - Where will institutions make their biggest anti-fraud investments in the year ahead?
Survey Results Webinar
Target is the big name that draws attention to a growing challenge for banking institutions: Who ultimately is responsible for mounting retail fraud losses - the merchant whose systems are breached, or the card brands and issuing institutions whose payment cards are compromised?
It's a heated debate that has reached the halls of the U.S. Congress, and it's a main topic of the 2014 Faces of Fraud Survey results webinar.
Register for this session to learn:
- Today's top fraud trends and their impact on banking institutions;
- Technology investments institutions plan in the coming year;
- Analysis of the survey results and how best to respond to retail data breaches.